Small Business Support Initiative
The Small Business Support Initiative is meant as a response platform to mobilize our people and business against the threat posed by this devastating pandemic.
Existing debt, lack of cash reserves, outdated financials, no access to relief funding, and an inability to operate during the lockdown, forced the closure of 42.7% of small businesses in South Africa.
Those that remain operational are struggling to keep their doors open as a result of decreased spending in their specific markets.
Studies show that only about 50% of those that closed down had applied for relief funding and a staggering 99% of those applications were rejected because of businesses not being BEEE compliant or the owners not meeting the minimum credit rating criteria.
We aim to provide financial support to all small business regardless of race, gender, political affiliations or credit rating.
Our small business sector account for about 98% of the formal economy contributing an estimated 52 to 57% to the GDP and 61% to employment.
It is vital to our economy for our SMME’s to survive this pandemic and since the banks and the government has no intention to step in and help we have to once again rely on ourselves and the people of great nation to overcome this challenge.
We at Commercial Baking Solutions in partnership with our Everbake Npc have decided to donate to this cause and we urge everyone who would like to help us support our small businesses to make a donation.
Let us rebuild our economy and our beautiful country one business at a time.